Melbourne residential property market to struggle as ‘stars align’ for Sydney and resources states

The “stars are beginning to align” for the Sydney residential housing market, with median prices forecast to grow by a cumulative 17% over the next three year to reach a median of $750,000, according to a new report by BIS Shrapnel.

Sydney, Perth, Brisbane and Darwin house prices are expected to grow by at least 5% per year between now and 2015, while the “non-resource state” housing markets will continue struggle.

In percentage growth terms, Perth is expected to record the strongest capital growth appreciation over this period with its median house prices climbing 22% from $475,000 to $580,000 – more than 7% per year.

BIS Shrapnel also has strong growth expectations for Brisbane (20% rise to $515,000) and Darwin (15% to $620,000) but the outlook is poor for Melbourne, with house prices expected to rise just 3% to $557,000 by 2015.

Source: Property Observer

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